URA to Launch Invoicing System July 1, 2020
The Uganda Revenue Authority (URA) will be implementing an electronic tax solution, the Electronic Fiscal Receipting and Invoicing Solution (EFRIS), beginning July 1, 2020. The use of this solution will apply to every person carrying out business in Uganda under business models Business to Business (B2B), Business to Government (B2G), and Business to Consumer (B2C). It will be piloted and rolled out in a phased approach as per the URA commissioners’ gazette. Under the new solution, URA will introduce Digital Tax Stamps and E-invoicing.
Here is what you need to know:
Digital Tax Stamps:
- Digital tax stamps are tamper-proof physical paper or numerical markings with security features and codes that are applied to goods or their packaging to prevent counterfeiting.
- Digital stamps enable manufacturers to track product movement, government to monitor compliance of manufactures, and consumers to trace the origin and authenticity of products.
- The use of this solution shall apply to every person in the business of manufacturing and importing products gazetted for the application of these Digital Tax Stamps, which includes 6 excisable products including wines, mineral water, beers, spirits, soda, and tobacco products.
E-Invoicing:
- EFRIS will allow users to issue electronic tax documents and check their validity safely, easily, and at no cost via the system or URA web portal.
- Upon making a sale, transactional details will be captured in the seller’s invoicing system (ERP), and then encrypted and transmitted to URA in real-time to generate e-receipts and e-invoices.
- Once a transaction is initiated, transaction details are transmitted to URA’s back-end system for fiscalization. Then, the system produces e-invoices or e-receipts with special features, which are sent back to your business premise for issuance to a customer in real time.
How will the new system help me as a business?
- The solution provides proper record-keeping with full details of real time business transactions. It facilitates tax compliance and addresses loss of transaction records. It also alleviates the need for customers to store physical documents for up to five years as required by URA.
- It simplifies the tax declaration process because of an available database to support the use of pre-populated tax returns, which helps expedite tax disputes and tax refunds process.
- The solution also simplifies tax administration processes such as returns declaration, refunds management, and registration, and it addresses inconsistencies in tax assessments and ledger positions.
For details, visit www.ura .go.ug or call (256) 41-7444602/3 or email: services@ura.go.ug
URA egenda kutandikawo enkola y’okusasulira emisolo ku mutimbagano nga 1 Kasambula (July) 2020
Ekitongole ekisolooza emisolo ekya Uganda Revenue Authority kigenda kutandikawo enkola y’okusasulira emisolo ku mutimbagano era ng’etuumiddwa the Electronic Fiscal Receipting and Invoicing Solution (EFRIS) okutandika nga 1 Kasambula 2020. Enkola eno egenda kubeera ng’ekozesebwa buli muntu addukanyiza emirimu mu Uganda mu nkola emanyiddwa nga Business to Business – Omusuubuzi ne musuubuzi munne (B2B), Business to Government –Omusuubuzi ng’akolagana ne government (B2G) ne Business to Consumer – Omusuubuzi ng’akolagana n’abantu aba bulijjo(B2C). Enkola eno egenda kutandika mu mitendera okusinziira ku mawulire agava mu kitongole. Mu nkola eno empya, URA ejja kubeera ng’ekozesa sitamp eza digito wamu ne zi invoice.
Bino bye weetaaga okumanya:
Stamp z’emisolo eza digito
- Zino zigenda kuba empapula ezitasobola kukyusibwakyusibwa nga ziwandiikiddwako zi kkoodi era nga zigendanga kuteekebwa ku by’amaguzi oba ku bisabika byabyo okusobola okwewala ebicupuli.
- Sitampu za digito zigenda kuyamba ab’amakolero okusobola okugoberera entambula y’ebintu, gavumenti okugoberera enneeyisa y’ab’amakolero n’abakozesa ebintu okusobola okuzuula ensibuko yaabyo era n’okusobola okukakasa nti ekyo kye bakozesa kye kituufu.
- enkola eno egenda kutwaliramu buli muntu ali mu Bizinesi y’eby’amakolero wamu n’abo abatuusa ebintu okuva ebweru w’eggwanga nga bye bimu ku biri ku lukalala lw’ebyo ebirina okukozesebwako Sitampu zino, bino bizingiramu na bino 6 omuli zi wine, amazzi g’obucupa aganywebwa, omwenge, zi spirit, soda wamu n’ebikoleddwa okuva mu taaba.
Bu E- invoice (obupapula obulaga omuwendo gw’obanjibwa) obw’okumutimbagano
- EFRIS ejja kukkiriza abagikozesa okuwaayo ebiwandiiko by’emisolo ku mutimbagano basibole okwekebejja obutuufu bwabyo mu ngeri ennyangu ate nga ya bwereere nga bayita ku mukutu gwa URA web portal.
- Bwe wanaabangawo ekintu ekitundiddwa, ebibadde mu nteeseganya bijja kuyingizibwanga mu kanyomero ka ‘seller’s invoicing system (ERP) bisobole okuweerezebwa ku URA mu budde obwo bwennyini nayo esobole okuweereza lisiiti wamu ne invoice ku mutimbagano.
- Bwe munaabanga mutandise enteeseganya z’okutunda, ebiteesebwa bya kuweerezebwanga ku mukutu gwa URA back-end system awo nayo esobole okuweereza ka invoice wamu ne receipt w’okolera osobole okukawa omuguzi wo.
Nze nga omusuubuzi, enkola eno empya egenda kunnyamba etya?
- Enkola eno eyamba mu kukuuma ebiwandiiko ng’eraga buli kimu engeri gye kyakolebwamu wamu n’obudde bwennyini mwe kyakolebwa. Eyamba mu kusasula emisolo ate nga n’ebiwandiiko bikuumibwa bulungi. Era etaasa abaguzi embeera y’okukuuma ebiwandiiko by’ebintu bye baba baguze okumala emyaka etaano nga bwe kiragirwa URA.
- Egonza embeera y’okugereka emisolo olw’okuba bwino aba alaga ebintu nga bwe bitambula ne kiggyawo okwemulugunya mu by’emisolo wamu ne mu mbeera y’okuddizibwa ssente.
- Enkola eno egonza enzirukanya y’emisolo okugeza mu kugigereka, okuddizibwa we kyetaagisizza, okugiwandiisa wamu n’okumalawo ebyandibadde birumira byonna mu kupima emisolo.
Okumanya ebisingawo, kyalira www.ura .go.ug oba kuba ku ssimu (256) 41-7444602/3
email: services@ura.go.ug
The Bank of Uganda recently reduced the Central Bank Rate (CBR)
What is the CBR, and what does this reduction mean for my business?
The Central Bank Rate is the interest rate at which the Bank of Uganda (BoU) lends money to domestic banks. Ideally, an increase in the CBR would aim to slowdown demand and reduce inflation, while a decrease in the CBR would be intended to increase demand and boost the overall level of economic activity in the economy.
What you need to know:
- The COVID-19 pandemic continues to have severe effects on Uganda’s economy. Bank of Uganda’s (BoU)Composite Index of Economic Activitycontracted by 0 percent month-on-month in April 2020, indicatingcontinuous shrinkage ofeconomic activity. The Stanbic Bank Purchasing Managers’ Index (PMI) remainedbelow the 50 mark for the third consecutive month in May 2020, indicating a sustained contraction inindustrial production.
- While the economic slowdown has been severein the second quarter of 2020, a gradual recovery isexpected to set in during the third and fourth On the whole, household expenditure, investment,exports and imports are projectedto decline in 2020. Accordingly, BoU has revised down its projection ofeconomic growth to arange of 2.5 to 3.5 percent in 2020 from the April 2020 forecast of 3 to 4 percent.
Based on an assessment of the current and evolving macroeconomic situation, BoU has reduced the Central Bank Rate (CBR) by 1 percentage point to 7 percent and expects financial institutions will reduce their lending rates, meaning that the cost of credit will be lower, to encourage businesses to borrow. Reach out to your bank of choice for more information on current lending rates.
Bbanka enkulu eya Uganda emabegako katono yakendeeza ku magoba kw’ewolera zi bbanka endala eziri mu ggwanga (Central Bank Rate). Abaffe CBR kyeki era okugikendeeza kitegeeza ki eri emirimu gyange?
Central Bank Rate (CBR) ge magoba bbanka ya Uganda enkulu (Bank of Uganda) kwewolera zi bbanka endala eziri mu ggwanga. Ssinga amagoba gano gongezebwa, kino kiba kigendererwamu okukendeeza ku muwendo ogutwalibwa wamu n’okuziyiza ensimbi z’eggwanga okunaabuuka. Ku luuyi olulala ssinga gakendeezebwa, ekiba kiruubirirwa kwe kwongera ku muwendo ogutwalibwa okusobola okutumbula emirimu wamu n’ebyenfuna by’eggwanga.
Bye weetaaga okumanya
- Nnawookeera wa ssennyiga omukambwe akyagendera ddala mu maaso n’okukosa eby’enfuna by’eggwanga. Okusinziira ku bikunganyizibwa bbanka ya Uganda enkulu okupima embeera y’ebyenfuna nga bweyimiridde mu ggwanga buli mwezi, biraga nti eby’enfuna by’eggwanga byakendeera n’ebitundu bina ku buli kikumi (4.0%)mu mwezi gwa Kafuumuulampawu (April) ekiraga okukendeera okw’olugenderezo mu mirimu egivaamu ensimbi.
Nate okusinziira ku Stanbic Bank, ebipimo by’embeera y’eby’obusuubuzi nga bweba eyimiridde ku katale mu by’amakolero wamu n’obuweereza biraga nti byali wansi wa bubonero ataano omwezi ogw’okusatu ogw’omuddiringanwa mu mwezi gwa Muzigo (May) 2020 ekyoleka nti n’ebifulumizibwa mu makolero nabyo byali bikendedde.
- Newankubadde ng’okukendeera mu by’enfuna by’eggwanga kubadde kwa maanyi nnyo mu kitundu eky’ebibiri by’okuna eky’omwaka gwa 2020, waliwo essuubi nti bijja kutereera mu kitundu eky’okusatu wamu n’eky’okuna. Okutwalira awamu, ensaasaanya mu maka, okusiga ensimbi, ebitundibwa ebweru w’eggwanga wamu n’ebyo ebiyingizibwa byonna bisuubirwa okukendeerako mu mwaka gwa 2020.
Okusinziira ku mbeera eyo, Bbanka ya Uganda enkulu yakkakkanyizza ku ssuubi lye yalina ku nkulaakulana mu by’enfuna nga bwe byali birowoozebwa mu kusooka mu mwezi gwa Kafuumuulampawu (April) okuva ku bitundu 3 okutuuka ku 4 ku buli kikumi mu 2020 n’erizza ku bitundu 2.5 okutuuka ku 3.5 ku buli kikumi.
Okusinziira ku mbeera nga bw’eyimiridde mu by’enfuna, Bbanka ya Uganda enkulu yasazeewo okukendeeza ku muwendo kwewolera zi bbanka endala ng’etoolako ekitundu kimu ku buli kikumi (1%) ne bidda ku bitundu musanvu ku buli kikumi (7%)era esuubira nti ebitongole by’eby’enfuna ebirala nabyo bijja kukendeeza ku miwendo gy’okwewola kizzeemu abasuubuzi amaanyi basobole okwewola.
Tuukirira bbanka yo okumanya ebisingawo ku miwendo gy’okwewola nga bwe giyimiridde kaakano.
The COVID-19 Business Info Hub spoke with Livingstone Mukasa, Founder of Mazima Retirement Benefit Scheme to understand how SMEs can leverage pension schemes
How can SMEs leverage pension schemes, and in what ways is Mazima reaching out to SMEs and their beneficiaries?
The Mazima scheme can help SMES if they can de-risk their business models. This means that your business model must have been evaluated by the scheme and it is clear how you make money and that your financial model can generate profits consistently. Smaller schemes like Mazima have close to 1 trillion shillings, which can be an opportunity for SMEs. The fund managers who manage the funds may be conservative by nature, but they can deploy up to 15% of their capital into the SME sector.
What is the MLAMU product and what led Mazima to create it? What has the uptake been like for this product?
Retirement is a journey, and this calls for savings for both short- and long-term. Mazima realized that its members would be likely to withdraw retirement savings to manage emergencies, and it is from this discussion that Mazima thought of creating a dedicated emergency wallet. So, Mazima introduced an emergency savings scheme called MLAMU in August 2019There are currently 200 users and USD 30,000 on account.
How can MLAMU benefit the SME sector, and what does Mazima expect post COVID-19?
We found out along the way that good financial literacy demands that someone has a long-term savings fund and a short-term savings plan. From an innovator’s point of view, we are encouraging our employees to have a couple of months’ worth of savings for short-term purposes so that they have a fallback if terminated from employment or should an interruption such as COVID-19 happen. We also see a need for having employers talk to their employees about saving a percentage from their monthly salary for emergency purposes and not only the long-term.
Once the emergency savings (under Mlamu) are consolidated at scale at the end of a specific term, they become a source of working capital. Once you aggregate capital, it becomes usable by other people in other sectors. Mazima believes SMEs can benefit from such innovations.
Although it is not possible for a member of Mazima Scheme to borrow against their pension account, in order to support our members to cope with the ongoing pandemic, members who want to come and withdraw 20% of their savings to address current challenges may do so.
What kinds of financial literacy does Mazima provide to ensure its products and services are helpful to SMEs?
Prior to the lockdown, Mazima conducted a lot of community outreach. Now, the scheme has published books on investing for the future, addressing issues like retirement, emergency savings, and people having savings that can create capital.
Omukutu gwa Covid-19 Business Info Hub gwayogerako ne Mwami Livingstone Mukasa omutandisi wa Mazima Retirement Benefit Scheme (enkola y’okweteekerateekera ebiseera by’omumaaso ng’okaddiye) okusobola okutegeera engeri amakolero amatonotono gye gayinza okutumbulamu enkola zino.
Amakolero amatonotono gasobola gatya okuteeka amaanyi mu nkola z’okweteekerateekera ebiseera by’omumaaso era ngeri ki Mazima z’esobodde okutuukirira amakolero gano n’abo abagaganyulwamu?
Enkola ya Mazima esobola okuyamba amakolero amatonotono ssinga nago gaba gasobodde okuyiiya engeri gye gayinza okwewalamu okugwa mu butyabaga. Kino nno kitegeeza nti enkola y’emirimu gyo erina okusooka okwekenneenyezebwa era ne kikakasibwa nti ekusobozesa okukola ssente wamu n’okusigala ng’ofuna amagoba ekiseera kyonna.
Enkola entonotono ng’eya Mazima ziba ne ssente ezikunukkiriza eyo mu kase akalamba (1 trillion) nga guno guba mukisa eri amakolero amatonotono (SMEs). Abaddukanya ensimbi zino ebiseera ebimu bayinza okubeera nga beekwatakwata mu nkola zaabwe, naye baba basobola okuteeka ebitundu ebiwerera ddala kkumi na bitaano ku buli kikumi (15%) ku nsimbi zino mu makolero amatonotono.
Enkola eyitibwa MLAMU etegeeza ki era kiki ekyaleetera Mazima okugigunjawo? Enkola eno ejjumbiddwa kyenkana ki?
Okuwummula luba lugendo olwetaaga okwetereekerera nga kuno kusobola okuba okw’ekiseera ekitono oba okw’ekiwanvu. Mazima yakizuula nti ba mmemba baayo bayinza okwagala okuggyayo ku ssente ze babadde baterekera ebiseera by’omumaaso bazeeyambisa nga baguddeko ebizibu eby’amangumangu era wano we yasinziira n’erowooza ku kutondawo ensawo ey’enjawulo nga yo etunuulidde embeera ey’okwenganga ebigwa bitalaze. Nabwekityo mu mwezi gwa Muwakanya (August) mu mwaka gwa 2019 Mazima yatandikawo enkola y’okuterekera ebigwa bitalaze ng’eyitibwa MLAMU. Kaakano enkola eno ekozesebwa abantu abawera ebikumi bibiri (200) era ng’erina n’ensimbi eziwerera ddala emitwalo esatu egya ddoola ya America (30,000 USD).
Amakolero amatonotono (SMEs) gasobola gatya okuganyulwa mu nkola ya MLAMU era Mazima biki by’esuubira oluvannyuma lwa ssennyiga omukambwe (Covid-19)?
Bwe tuzze tutambula twakizuula nti obumanyirivu obulungi mu by’enfuna buba bwetaagisa omuntu okuba ng’alina akasente k’azze aterekera ebbanga eggwanvu wamu n’enteekateeka ey’okuterekawo ssente ez’amangu. Nga abayiiya, tuba tukubiriza abakozi baffe okuterekangawo akasente ak’amangu mu myezi emitonotono akasobola okubayamba mu mbeera nga bafunye ebizibu eby’amangu okugeza ssinga omuntu aba afiiriddwa omulimu oba ekintu ekirala kyonna ekiyinza okubataataaganya ng’obulwadde bwa Covid-19 bwe bukoze.
Na bwekityo tulaba nga waliwo obwetaavu bw’abakozesa okwogerako n’abakozi baabwe ku ngeri gye bayinza okuterekangawo akatundu ku musaala gwabwe ke basobola okweyambisa nga baguddeko ebizibu eby’amangu sso ssi kuterekera biseera bya mu maaso byokka.
Ssinga ssente z’ensawo y’ebigwa bitalaze eya MLAMU zikungaanyizibwa okumala ebbanga eggere, ate zisobola okukozesebwa ng’entandikwa. Kasita oweza ssente ezisobola okukola entandikwa, ziba zisobola okukozesebwa abantu abalala mu matabi ag’enjawulo. Mazima ekkiriza nti ebintu nga bino bisobolera ddala okugasa amakolero amatonotono.
Newankubadde ga mu mbeera eya bulijjo mmemba wa Mazima aba takkirizibwa kwewola okuva ku ssente ze ez’akasiimo, okusobola okubawanirira okuyita mu kaseera ka nnawookeera wa ssennyiga omukambwe, bannakibiina abaagala basobola okujja ne baggyayo ebitundu abiri ku kikumi (20%)ku ssentu zaabwe zibayambeko okuyita mu kusoomoozebwa kwe balimu kaakano.
Mazima esomesezza etya amakolero amatonotono (SMES) okusobola okukakasa nti by’ekola n’empeereza yaayo bibeera bya mugaso eri amakolero gano?
Bwe twali tetunnayingira mu muggalo, Mazima yategeka emisomo mingi mu bantu mu bitundu eby’enjawulo. Mu kiseera kino tufulumizza ebitabo ebikwata ku kutegekera ebiseera by’omumaaso nga tutunuulira ensonga nga okuwummula emirimu, okwetegekera ebibamba wamu n’okutereka ssente mpolampola ezisobozesa omuntu okufuna entandikwa.